-
The United States has traditionally been the EU's largest trading partner, accounting for around 25% of exports and 30% of imports in 2009 (Table I.1). Nonetheless, the U.S. share has declined considerably since 2000, when imports from, and exports to the United States each represented 38% of total EU imports and exports of services. Switzerland is the second largest trading partner, with almost 14% of exports and 12% of imports. Services exports to Brazil, China, India, and Russia have roughly doubled since 2004; together they account for almost 12% of EU services exports.
-
The United Kingdom continues to be the EU’s largest exporter of services, representing 21% of total EU exports in 2009, followed by Germany and France. Germany was the biggest importer, accounting for around 18% of total imports, followed by the United Kingdom and France. The United Kingdom recorded the largest balance surplus, followed by Sweden, France, and Greece. Ireland recorded the highest balance deficit, followed by the Netherlands and Italy.
-
About 58% of total EU trade in services in 2009 was between member States. This share has remained relatively stable during the past decade.
-
Foreign direct investment (fdi)
-
The EU is the world's largest recipient and supplier of FDI. As a result of the economic and financial crisis, EU outward FDI flows decreased by half between 2007 and 2009, to €274 billion. Inward FDI flows fell slightly less, to €219 billion.
-
The EU is a net investor in the rest of the world. Outward FDI stock totalled €3,666 billion at end 2009, up 10% from a year earlier (Table I.2). The stock of inward FDI increased 7%, to €2,707 billion. The services sector accounts for approximately three quarters of inward and outward FDI stocks, and manufacturing for about one fifth. The United States is the largest FDI partner, with 31% of total outward stock, and almost 40% of inward stock. The United Kingdom is the main EU investor in the United States. Switzerland is the EU's second largest FDI partner, with 13% of total outward and inward stock. Almost 60% of foreign affiliates of EU-based parent companies are resident in another member State.18
-
Table I.2
Distribution of FDI stocks, 2006-09
(€ billion and %)
|
|
Outward stock |
|
Inward stock |
||||||||
|
|
2006 |
2007 |
2008 |
2009 |
Share 2009 (%) |
|
2006 |
2007 |
2008 |
2009 |
Share 2009 (%) |
|
Extra-EU-27 |
2,746.0 |
3,231.6 |
3,319.8 |
3,665.6 |
100.0 |
|
2,022.7 |
2,447.9 |
2,522.3 |
2,707.2 |
|
|
EFTA |
416.5 |
516.9 |
522.6 |
573.6 |
15.6 |
|
350.6 |
419.2 |
384.4 |
420.1 |
15.5 |
|
Switzerland |
364.6 |
458.0 |
462.9 |
503.3 |
13.7 |
|
282.5 |
323.6 |
315.7 |
347.9 |
12.9 |
|
Norway |
50.2 |
57.1 |
54.8 |
67.4 |
1.8 |
|
55.6 |
80.9 |
56.0 |
61.5 |
2.3 |
|
Russia |
50.5 |
71.5 |
83.2 |
88.8 |
2.4 |
|
14.6 |
24.7 |
26.4 |
27.5 |
1.0 |
|
Turkey |
33.9 |
49.0 |
45.1 |
51.3 |
1.4 |
|
5.0 |
5.7 |
6.6 |
7.6 |
0.3 |
|
Canada |
114.1 |
142.6 |
142.7 |
157.5 |
4.3 |
|
105.2 |
103.0 |
108.1 |
119.5 |
4.4 |
|
United States |
949.3 |
1,027.1 |
1,076.4 |
1,134.0 |
30.9 |
|
926.1 |
1,027.2 |
1,014.6 |
1,044.1 |
38.6 |
|
Mexico |
45.1 |
49.1 |
50.6 |
58.3 |
1.6 |
|
9.7 |
10.7 |
10.9 |
14.4 |
0.5 |
|
Table I.2 (cont'd) |
|||||||||||
|
South America |
171.5 |
191.9 |
216.5 |
235.2 |
6.4 |
|
21.4 |
54.4 |
69.3 |
70.3 |
2.6 |
|
Argentina |
40.0 |
35.2 |
40.3 |
44.3 |
1.2 |
|
1.8 |
2.0 |
2.4 |
2.5 |
0.1 |
|
Brazil |
92.4 |
107.7 |
108.5 |
132.2 |
3.6 |
|
14.6 |
41.2 |
52.5 |
56.3 |
2.1 |
|
Asia |
380.1 |
423.1 |
485.4 |
553.8 |
15.1 |
|
196.0 |
241.2 |
266.6 |
304.6 |
11.3 |
|
China |
32.6 |
40.9 |
52.4 |
58.3 |
1.6 |
|
3.6 |
4.6 |
5.6 |
5.7 |
0.2 |
|
Hong Kong, China |
86.1 |
89.3 |
89.3 |
92.9 |
2.5 |
|
17.4 |
17.2 |
25.5 |
26.8 |
1.0 |
|
India |
12.4 |
16.2 |
17.4 |
27.2 |
0.7 |
|
2.3 |
4.6 |
6.2 |
5.5 |
0.2 |
|
Indonesia |
10.6 |
12.6 |
14.3 |
17.5 |
0.5 |
|
-3.5 |
-2.7 |
-3.0 |
-2.6 |
-0.1 |
|
Japan |
75.7 |
74.8 |
78.4 |
84.0 |
2.3 |
|
97.9 |
122.3 |
122.6 |
135.3 |
5.0 |
|
Korea |
28.4 |
32.8 |
27.8 |
28.9 |
0.8 |
|
7.4 |
9.2 |
8.6 |
9.9 |
0.4 |
|
Malaysia |
9.4 |
12.5 |
13.6 |
24.7 |
0.7 |
|
2.6 |
3.0 |
3.6 |
3.0 |
0.1 |
|
Singapore |
52.5 |
66.7 |
89.2 |
95.8 |
2.6 |
|
26.8 |
45.0 |
39.3 |
50.2 |
1.9 |
|
Thailand |
9.2 |
10.5 |
11.5 |
13.3 |
0.4 |
|
0.3 |
0.6 |
0.5 |
1.0 |
0.0 |
|
Chinese Taipei |
13.5 |
7.7 |
7.5 |
9.3 |
0.3 |
|
0.6 |
0.8 |
0.4 |
0.5 |
0.0 |
|
Australia |
53.6 |
69.9 |
70.3 |
82.8 |
2.3 |
|
18.8 |
25.7 |
21.2 |
30.2 |
1.1 |
|
Africa |
128.4 |
149.5 |
162.2 |
208.8 |
5.7 |
|
19.9 |
23.0 |
29.5 |
31.2 |
1.2 |
|
South Africa |
42.5 |
55.1 |
55.1 |
77.0 |
2.1 |
|
3.1 |
6.0 |
6.8 |
6.2 |
0.2 |
Source: WTO Secretariat, based on Eurostat online information, "EU direct investment outward stocks detailed by extra EU destination country" and "EU direct investment inward stocks by extra EU investing country". Viewed at: http://epp.eurostat.ec.europa.eu/portal/page/portal/eurostat/home.
1 The EU's share of global output is based on nominal GDP, and the share in global merchandise and commercial services trade excludes intra-EU trade.
2 European Central Bank (2005).
3 Larch (2005).
4 See OECD (2010c).
5 Based on unit value data for 2004, contained in Curran and Zignago (2009).
6 IMF (2010b).
7 European Commission document COM(2011) 11 final, 12 January 2011. Viewed at: http://ec.europa. eu/economy_finance/articles/eu_economic_situation/pdf/2011/com2011_11_annex2_en.pdf.
8 The figures for 2010 and 2011 are from European Commission (2011).
9 European Commission document COM(2011)11 final, 12 January 2011. Viewed at: http://ec.europa.eu/economy_finance/articles/eu_economic_situation/pdf/2011/com2011_11_annex2_en.pdf.
10 OECD (2010b).
11 European Commission document COM(2011)11 final, 12 January 2011. Viewed at: http://ec.europa.eu/economy_finance/articles/eu_economic_situation/pdf/2011/com2011_11_annex2_en.pdf.
12 For a detailed description of the Greek debt crisis, see IMF (2010a).
13 Council of the European Union press release 9596/10 (Presse 108), Extraordinary Council meeting, Economic and Financial Affairs, Brussels, 9/10 May 2010. Viewed at: http://www.consilium.europa.eu/ uedocs/cms_data/docs/pressdata/en/ecofin/114324.pdf.
14 European Commission press release MEMO/10/636, "European Stability Mechanism (ESA) - Q&A", 1 December 2010. Viewed at: http://europa.eu/rapid/pressReleasesAction. do?reference=MEMO/ 10/636; and European Council document EUCO 30/1/10 REV 1, European Council 16-17 December 2010 Conclusions, 25 January 2011.
15 European Commission online information, "A new EU economic governance – a comprehensive Commission package of proposals". Viewed at: http://ec.europa.eu/economy_finance/articles/eu_economic_ situation/2010-09-eu_economic_governance_proposals_en.htm.
16 European Commission document COM(2011)11 final, 12 January 2011. Viewed at: http://ec.europa.eu/economy_finance/articles/eu_economic_situation/pdf/2011/com2011_11_annex2_en.pdf.
17 Commission staff working document SEC(2010) 1269. Viewed at: http://trade.ec.europa.eu/doclib/ press/index.cfm?id=636&serie=382&langId=en.
18 Data for 2007, latest year available, (Eurostat, 2011).